Pakistani Rupee Gains Ground Against US Dollar

The Pakistani rupee experienced a positive shift against the US dollar, increasing by 0.14% in the initial hours of trading in the inter-bank market on Tuesday.

At approximately 10:00 AM, the rupee was valued at 282.8, reflecting an appreciation of Re0.41. The currency had previously closed at 283.21 on Monday.

Across the globe, the euro faced difficulties in recovering from substantial losses on Tuesday. This was due to investors recognizing that the terms of the trade agreement between the US and the European Union were more beneficial to the US, offering limited improvement to the economic outlook of the EU.

France expressed concerns on Monday, describing the trade agreement as a “dark day” for Europe. They suggested that the EU had conceded too much to the US, resulting in an imbalanced deal that imposed a 15% tariff on EU goods.

German Chancellor Friedrich Merz suggested that the German economy could suffer “significant” damage because of the agreed-upon tariffs.

The euro declined by 1.3% in the prior session, marking its most significant single-day percentage decrease in over two months, driven by worries about economic growth and declining euro-area government bond yields. The euro was last trading 0.07% higher, at $1.1594.

The dollar maintained its gains on Tuesday, pushing the sterling to a two-month low of $1.3349. The yen saw a slight increase to 148.49 per dollar.

The dollar index stabilized at 98.67.

Oil prices, a crucial indicator of currency rates, extended their gains on Tuesday, fueled by expectations of enhanced economic activity following the US-EU trade agreement. Also contributing were the possibility of a US-China tariff resolution and President Donald Trump’s reduced deadline for Russia to resolve the Ukraine conflict.

Brent crude futures increased by 24 cents, or 0.34%, reaching $70.28 a barrel by 0000 GMT, while US West Texas Intermediate crude was at $66.93 a barrel, an increase of 22 cents, or 0.33%. Both contracts had increased by more than 2% in the previous session, with Brent reaching its highest level since July 18 on Monday.

This information is an intraday update.